The Long Run Is a Time Frame in Which

question 44

Multiple Choice

The long run is a time frame in which

• A) the quantities of all factors of production are fixed.
• B) all costs are sunk costs.
• C) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied.
• D) the quantities of all factors of production can be varied.

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Definitions:

Disclosure

The act of making information known publicly, especially financial information by a company to comply with legal requirements and inform investors.

LIFO

Last In, First Out, an inventory valuation method where the goods last added to inventory are the first to be sold.

Periodic

Pertaining to or occurring at regular intervals.

Perpetual Basis

An approach or method without a predetermined end date, continuing indefinitely.